The Power Minister, Khurram Dastgir, declared that Pakistan is about to finalize a pact with the International Monetary Fund (IMF) as the two sides have reached a mutual understanding on most of the terms.
The nation, which boasts a thriving economy of $350 billion, is eager to secure a vital loan of $1.1 billion from the IMF to dodge default. The Fund has identified a significant shortfall of roughly Rs900 billion, equal to 1% of the Gross Domestic Product (GDP) — a major hindrance to achieving a staff-level agreement.
Contrary to expectations, the IMF has not instructed the government to cut its defense budget, as stated by the minister during the “Capital Talk” program on Geo News.
“Instead, they have requested the Energy Division to lower its losses,” said the minister. He further noted that the global lender has implored the government to curb line losses in the northern, southern, and western regions of the country.
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